Last week, the long-awaited SEC-XRP lawsuit was settled in favor of Ripple and had a landmark impact for the cryptocurrency industry.
With this decision, exchanges such as Coinbase, which delisted XRP after the SEC lawsuit, decided to list XRP one after another, as it became clear that Ripple's native cryptocurrency XRP is no longer a security.
These developments also led to a big jump in the price of XRP.
While the victory of XRP is still being talked about, Stu Alderoty, general counsel of Ripple, said in an interview with CNBC that he is confident that US banks and other financial institutions will begin to show interest in the adoption of XRP for cross-border payments.
At this point, Alderoty stated that it plans to hold talks with US financial companies in the third quarter regarding the use of Ripple's On-Demand Liquidity (ODL) product.
“We hope that the court's decision of Ripple will provide comfort to financial institution clients or potential clients about the problems they are experiencing in their business and real-world issues in terms of moving their values across borders.
I hope this quarter will lead to many conversations with customers in the United States and we hope we get positive results from those conversations.”
Alderoty stated that due to Ripple's legal battle with the SEC, it has acquired most of its business from outside the US for the past two and a half years.
At this point, he stated that the court's decision that XRP will be considered a security in corporate XRP sales will not have a significant impact on Ripple's current commercial operations, saying:
“Since most of Ripple's customers are based outside the United States, I don't think this part of the decision will affect business.
We will review the judge's decision, look at our clients' needs and act on the situation.”
*Not investment advice.